Banking and Finance doctoral program

BANKING AND FINANCE DOCTORAL PROGRAM An advanced program for outstanding scholars

MONASH.EDU/BUSINESS

REAL SOLUTIONS DEMAND REAL WORLD RESEARCH

When you join Monash Business School community you become part of a bold, open-minded centre of research excellence that is committed to seeking knowledge in order to serve and transform society. At Monash Business School, our mission is to deliver practical solutions that make an impact on the business world. We are shaping the future of business, venturing beyond traditional boundaries to bring together multidisciplinary thinking and tackle the big issues in banking and finance. Our researchers are at the forefront of contemporary knowledge and practice. Every project and every challenge is underpinned by our unrelenting commitment to research excellence. We are committed to developing and supporting the research leaders who will shape the future. Are you ready to join us?

WHY A MONASH PHD? The Monash Doctoral Program gives you an opportunity to challenge the status quo and change things for the better.

We have a global reputation

We are one of Australia’s leading research intensive universities, and ranked in the top 1 per cent of business schools worldwide. And we are a member of the Group of Eight – the top tier universities in Australia recognised for their excellence and achievement. Monash Business School is one of only 97 business schools in the world to have been awarded ‘Triple Accreditation’ by three global accrediting bodies: The Association to Advance Collegiate Schools of Business (AACSB); EFMD Quality Improvement System (EQUIS); and the Association of MBAs (AMBA).

Being part of the accreditation community opens doors to partnerships and job opportunities with the best business schools in the world.

We offer generous scholarships and grants We believe in research excellence and we want to work with, and nurture, the best researchers out there. That is why we offer generous funding support to graduate researchers. From scholarships and bursaries to cover the cost of your program, to help with your living expenses, and travel grants to facilitate international experience, we give you the support you need to focus on your research and professional development.

Fostering an environment for success We want you to have every opportunity to succeed. We provide an environment where new ideas are embraced, where scholarly debate creates new thinking and excellence is the norm. You will be supported by a minimum of two supervisors throughout your enrolment, both of whom are committed to your success. Your experience is broadened through our vibrant visitors program. We welcome leading scholars from around the world to Monash Business School each year. During their visits, these scholars share their knowledge with our faculty and students through meetings, seminars, and informal discussions.

Monash Business School is very proud to have achieved elite ‘Triple Accreditation’

JOIN THE DEPARTMENT OF BANKING AND FINANCE The Department of Banking and Finance at Monash Business School is a leader in the advancement of knowledge in banking and finance education and research in Australia. Our commitment to excellence is proven through our world-class research outputs and contemporary and engaging teaching practices. The Department delivers quality and impactful research that influences industry. In the Excellence in Research for Australia (ERA) 2018 assessment, Monash Business School achieved a rating of 4 (above world standard) in Banking, Finance and Investment. We have a vibrant and supportive research culture, which includes: – Participation in domestic and international conferences, workshops and seminar series – Expert academic supervision of 22 Higher Degree by Research (HDR) students – Strong commitment to interdisciplinary research through Monash Business School’s Centre for Global Business – Receiving funding through competitive research grants, including the Australian Research Council (ARC) and industry sources – Leading academic scholars who teach within our PhD courses We are committed to supporting and nurturing the development of our graduate research students. Some of our most talented students have joined the ranks of academic staff at Group of Eight Australian universities and reputable overseas universities upon completion of their research degrees.

Strong commitment to interdisciplinary research through Monash Business School’s Centre for Global Business

WHERE THE RESEARCH HAPPENS, MATTERS The Banking and Finance Doctoral Program

PROGRAM STRUCTURE Major thesis

Available on a full-time basis Normally completed in 3-4 years

Commences biannually

The principal component of the Banking and Finance PhD is a major thesis of up to 80,000 words, comprised of an original research project. Submission of a thesis including published works may be permitted.

Coursework At Monash Business School, coursework is designed to widen your knowledge, to place the specialised research project within a broader disciplinary context, and to enhance your research skills. In addition to your thesis, you will be required to complete four core subjects as part of your program: – Empirical Asset Pricing – Issues in Finance – Corporate Financial Management – Issues in Financial Institutions

Milestones Progress through the PhD is evaluated at three milestones to help ensure all students complete their studies in the required time. Milestones are an opportunity to receive critical feedback on your project from established academics external to your supervisory team. Milestones also provide a forum to develop your presentation skills when presenting your research.

Participation in departmental activities Participation in the intellectual and academic life of the Department is an important aspect of your candidature. To this end, you will meet to discuss your progress with your supervisor fortnightly and attend all graduate research seminars. The Department runs a number of research seminars throughout the year which you are also expected to attend.

These subjects are designed to ensure you have the theoretical background to harvest the knowledge you need from advanced graduate-level content. Students may also be required to undertake enabling subjects, as determined by the PhD Director.

Doctoral supervisor Research area: Corporate finance and behavioural finance

“ We provide a fruitful relationship between supervisor and candidate that leads to good and innovative research outcomes.”

In other words, I like to know what drives managers to take corporate finance decisions. Why do they issue new shares? Why do they pay dividends? Why do they spin off a division? And similarly, why investors make certain decisions?

Are their investment choices driven by their mood? Are their stock return expectations influenced by past returns? I enjoy my role as a doctoral supervisor because I’m interested in sharing my knowledge and expertise with the next generation of researchers. I want to work with people who are passionate about corporate and behavioural finance, and who bring energy and enthusiasm to the Department.

PROFILE DR ELIZABETH OOI Monash Business School PhD graduate Research focus: Governance and performance of superannuation funds Now: Lecturer, University of Western Australia Business School

“ Going into my PhD, I knew that

I wanted to work on a research topic that not only contributed to the academic literature but also had practical relevance and implications. Monash Business School has a strong reputation and maintains valuable ties with industry parties. The major advantage of the program was the access to experienced and successful researchers in my field. My PhD experience would not have been as rewarding without the support and guidance of my three supervisors.

PROFESSOR CHRIS VELD My most important research interest can be summarised by a quote from Scottish singer Amy McDonald, “I don’t know what you did it for... I don’t know what you did it for at all.”

BEHIND EVERY GREAT SOLUTION, IS A GREAT RESEARCHER

Monash Business School is a great place for students to pursue their doctoral studies. A big advantage of studying here is that we offer a very specific finance-related program, and have a wealth of experience across our doctoral supervisors. We’re focused on supporting our doctoral candidates and providing a fruitful relationship that leads to good and innovative research outcomes.

My supervisors allowed me to take my own approach but were also always there when I needed guidance. They also gave me a fantastic model to follow for my future collaborations, in terms of how researchers from different backgrounds can work together effectively.

”

THE POWER OF GREAT RESEARCH STARTS HERE The Department of Banking and Finance welcomes all research proposals, however when selecting students we will take into account the alignment of the research proposal with our research themes.

Asset pricing Our asset pricing research expertise spans many areas of empirical finance and capital markets, including: – risk-return relationships – market efficiency – stock-market anomalies – derivative pricing and hedging – quantitative finance – managed funds.

Banking and financial intermediation Our banking research covers a large array of focus areas, with particular interests in: – banking efficiency – banking competition – market power – remuneration – board composition – loan pricing – loan syndications – financial development – banking insurance – regulatory matters.

Behavioural finance Our behavioural finance research combines insights from finance and psychology. Topics studied in the Department include:

Corporate finance Our corporate finance research group studies a range of corporate finance topics, including: – corporate innovation – firm payout policy – risk management – foreign exchange exposure – convertible bonds and hybrids – board networks – seasoned equity offerings – mergers, acquisitions and spin offs – corporate governance – capital structure and debt structure – executive stock options.

Superannuation and funds management The funds management group have a unique database with individual records of superannuation plan participants’ actions by individual attributes. This database will facilitate in-depth analysis of decision-making. As such, it is of direct relevance to superannuation plan design.

Research infrastructure We support our researchers by providing a range of state-of-the-art facilities and resources, including the Monash STARLab, a controllable environment in which trader responses to events and scenarios can be recorded, time-stamped and analysed. STARLab outputs have been the basis of published research on the behaviour of traders and the performance of financial strategies and policy initiatives.

MAKE YOUR RESEARCH DREAM A REALITY Scholarships and Fees Monash University spends more than $47 million each year on graduate research scholarships. We also offer living and other allowances, travel grants, publication grants, residential scholarships and more. Stipends and other allowances help with living and other costs, such as relocation costs from outside Victoria, including overseas. The Australian Government’s Research Training Program (RTP) covers course fees for research candidates who are Australian or New Zealand citizens or Australian permanent residents for the specified duration of their course. Our tuition scholarships for international students cover the cost of tuition fees, and in some cases include the cost of compulsory Overseas Student Health Cover.

Entry Requirements All applicants must be able to demonstrate a capacity to carry out independent research, have adequate training and the ability to pursue the proposed course of study. The minimum qualifications and English language skills required to be considered for entry into our program are provided at: www.monash.edu/business/research/ graduate-research-program/doctorof-philosophy/how-to-apply

How to Apply Applying for the Banking and Finance Doctoral Program involves four basic steps. Step 1 Submit an Expression of Interest online at: www.monash.edu/business/ research/graduate-researchprogram/doctor-of-philosophy/ how-to-apply#tabs__1584302-01

Step 2 Preliminary Assessment Your Expression of Interest will be assessed. A positive outcome will result in an Invitation to Apply. This can take up to four weeks. If you hope to secure a scholarship, it is recommended that you start the process no later than one month prior to scholarship application closing dates. Step 3 Invitation to Apply If you meet the conditions of the preliminary assessment process and the Department has the necessary facilities, resources and supervision for your project, you will be invited to apply for a Monash Business School PhD – this can take up to four weeks. The invitation will direct you to the online application system where you can commence a formal application. Step 4 Accept your offer.

For more information visit: www.monash.edu/business/ research/graduate-researchprogram/scholarships-and-fees

To fully support our researchers and research students, we subscribe to a full range of research and financial databases.

– The impact of mood on investor decisions – Myopic loss aversion – How investor decisions are driven by past stock returns

Further information www.monash.edu/business/research/graduate-research-program Department of Banking and Finance Graduate Research Program Director Associate Professor Jin Yu Email: jin.yu@monash.edu Monash Business School Research Services Office Tel: +61 3 9905 1099 Email: buseco-research.degrees@monash.edu

ABN 12 377 614 012 CRICOS Provider No. 00008C

The information in this brochure was correct at the time of publication (September 2020). Monash University reserves the right to alter this information should the need arise. You should always check with the relevant Faculty office when considering a course. CRICOS provider: Monash University 00008C